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Saturday, 22 February 2014

Abu Dhabi's Ipic studying options to finance two oil refineries | The National

Abu Dhabi's Ipic studying options to finance two oil refineries | The National:



"The Abu Dhabi government-owned International Petroleum Investment Company (Ipic) is studying financing options for building two refineries valued at US$9.5 billion.



A detailed feasibility study was carried out on the $3.5bn Fujairah Refinery Project, Ipic said in a bond prospectus posted on the London Stock Exchange.



Ipic plans to raise an “unlimited amount” through a guaranteed global medium term note programme.



The duration of medium term is typically up to 10 years. Arrangers of the bond are BNP Paribas, Merril Lynch International and National Bank of Abu Dhabi. The company will use the proceeds for “general corporate purposes”, according to its prospectus."



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